finnova_

EURUSD Prediction for 01 MAR 24 upcoming week

Long
finnova_ Updated   
FX:EURUSD   Euro / U.S. Dollar
EURUSD is one of the most traded Forex instruments with good volume activity.
If we look at the chart:
The market has been trading in the consolidation phase. Then it gave a breakout last week, 24th Feb. After that, the market has been in the range (1.07972 - 1.08576) bound situation.
Case 1: The market is going to be sideways unless it's broken to the upside.
Case 2: Once it breaks to the upside, it's going to give a nice bull trend till 1.09825 levels. it is showing a perfect entry level for a bullish position with Risk : Reward = 1:5
we can initiate a bullish position @1.08239

Reasons:
  1. Bullish Hammer formation at the support shows the market's bullish structure.
  2. Price ~ 200 EMA, which indicates the market is having an average price.
  3. RSI = 45 shows a weak bull sign. The market is not going to have a bullish momentum unless the RSI is broken 60 to the upside.

Verdict: Bullish

Plan of Action:
Buy: 1.08238
SL: 1.07935
Target: 1.09835
Comment:
Near the target

Finnova
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